Nifty weak at higher lev­els

The Nifty could not sus­tain at the higher lev­els last week on news that Delhi-based real es­tate de­vel­oper Su­perTech de­faulted. Con­se­quently, the share prices of hous­ing fi­nance com­pa­nies (HFCs) like Dewan Hous­ing Fi­nance Cor­po­ra­tion, Hous­ing De­vel­op­ment Fi­nance Corp, etc, re­ceived a thrash­ing on the bourses. The Nifty looks weak be­low 10400. Buy­ing will not emerge un­less and un­til the Nifty closes above 10400. So, with any rise to­wards 10300-10350, the Nifty will show sell­ing pres­sure for 10200-10100-10000 lev­els. The global mar­kets look weak on ac­count of var­i­ous fac­tors such as the trade war be­tween USA and China, crude oil prices, etc. So be cau­tious and trade in small quan­ti­ties. In­vestors can look at Tata Mo­tors be­tween Rs.175-150 and Yes Bank be­tween Rs.200-160 from a 6-12 month per­spec­tive. Bank Nifty looks weak be­low 25200 and could test 2470024500 lev­els in the near term. Gold, which is ris­ing to­wards the 32000 mark, seems to be the only safe haven now. It could test 34000-35000 lev­els in the near term.

Among stocks,

State Bank of In­dia looks weak be­low Rs.261 for a tar­get of Rs.255-250 (SL: Rs.268)